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Dec 30 - 01:55 PM

GBP/USD - Ending 2022 Down 10.7% Amid Lingering Inflation-Recession Angst

By Paul Spirgel  —  Dec 30 - 12:25 PM
  • GBP$ ending NorAm 0.16% at 1.2073, NorAm range 1.2105-1.2011

  • Extreme 94 pip move in early NorAm highlights low liquidity into year-end

  • After early 2022 strength on BoE rate hikes GBP$ ending 2022 -10.7%

  • FTSE 100 ekes out +1.2%, but with UK inflation real return negative

  • GBP likely to remain under pressure in '23 owing to inflation-growth angst

  • GBP$ supt by 1.20 into YE, below Dec 22s 1.1993 low, Nov 30 low 1.19 in view

  • Res at 1.2105 Friday's high, then 21-DMA by 1.2165

  • Fed, BoE in focus in 2023, more hawkish Fed will keep pressure on GBP

Source:
Refinitiv IFR Research/Market Commentary

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